<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
F O R M 11 - K
[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
DECEMBER 31, 1996
For the fiscal year ended......................................................
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]
For the transition period from ...................to...........................
Commission file number......0-14553...... [F&M Bancorporation, Inc.]
A. Full title of the plan and the address of the plan, if different from
that of the issuer named below:
F&M BANCORPORATION, INC. RETIREMENT AND SAVINGS PLAN
B. Name of issuer of the securities held pursuant to the plan and the
address of its principal executive office:
F&M BANCORPORATION, INC.
ONE BANK AVENUE
KAUKAUNA, WI 54130
<PAGE> 2
F&M EMPLOYEES' RETIREMENT AND SAVINGS PLAN AND TRUST
FINANCIAL STATEMENTS AND SUPPLEMENTAL SCHEDULES
Years Ended December 31, 1996 and 1995
TABLE OF CONTENTS
Page
----
<TABLE>
<CAPTION>
<S> <C>
Independent Auditor's Report 3
Financial Statements:
Statements of Net Assets Available for Benefits 4 - 7
Statements of Changes in Net Assets Available for Benefits 8 - 11
Notes to Financial Statements 12 - 17
Supplemental Schedules:
Schedule 1 - Item 27a - Schedule of Assets Held for
Investment Purposes 19
Schedule 2 - Item 27d - Schedule of Reportable (5%) Transactions 20
Consent Independent Auditor Exhibit A
</TABLE>
<PAGE> 3
[WIPFLI ULLRICH BERTELSON LLP LETTERHEAD]
INDEPENDENT AUDITOR'S REPORT
Board of Trustees
F&M Employees' Retirement and
Savings Plan and Trust
Kaukauna, Wisconsin
We have audited the accompanying statements of net assets available for
benefits of F&M Employees' Retirement and Savings Plan and Trust as of December
31, 1996 and 1995, and the related statements of changes in net assets
available for benefits for the years then ended. These financial statements
are the responsibility of the Plan's management. Our responsibility is to
express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets available for benefits of the Plan as of
December 31, 1996 and 1995, and the changes in net assets available for
benefits for the years then ended in conformity with generally accepted
accounting principles.
Our audit of the Plan's financial statements as of and for the year ended
December 31, 1996, was performed for the purpose of forming an opinion on the
basic financial statements taken as a whole. The supplemental schedules of
assets held for investment purposes and reportable transactions are presented
for the purpose of additional analysis and are not a required part of the basic
financial statements but are supplementary information required by the
Department of Labor's Rules and Regulations for Reporting and Disclosure under
the Employee Retirement Income Security Act of 1974. The supplemental
schedules have been subjected to the auditing procedures applied in the audit
of the basic financial statements for the year ended December 31, 1996, and, in
our opinion, are fairly stated in all material respects in relation to the
basic financial statements taken as a whole.
/s/ Wipfli Ullrich Bertelson LLP
--------------------------------
Wipfli Ullrich Bertelson LLP
June 10, 1997
Appleton, Wisconsin
<PAGE> 4
F&M EMPLOYEES' RETIREMENT AND SAVINGS PLAN AND TRUST
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS
December 31, 1996
<TABLE>
<CAPTION>
Smith Barney Corporate
-------------------------------------
Flexible
GIC Defensive Growth
Income Balanced Balanced
Fund Fund Fund
----------- ----------- -----------
<S> <C> <C> <C>
Cash $ 1,000 $ -0- $ -0-
Contributions receivable:
Employer 143,032 109,984 164,178
Employee 2,462 3,420 5,499
Investments 2,932,400 2,212,715 3,522,243
Interest and dividends receivable 136 -0- -0-
----------- ----------- -----------
Net assets available for benefits $ 3,079,030 $ 2,326,119 $ 3,691,920
=========== =========== ===========
</TABLE>
<PAGE> 5
Trust Company
- -------------
<TABLE>
<CAPTION>
Small-Cap International Employer
Equity Equity Stock
Fund Fund Account Total
---------- ------------- ---------- -----------
<S> <C> <C> <C>
$ -0- $ -0- $ -0- $ 1,000
106,615 59,154 318,386 901,349
3,978 1,851 3,332 20,542
1,759,176 1,024,785 2,928,939 14,380,258
-0- -0- 66 202
---------- ---------- ---------- -----------
$1,869,769 $1,085,790 $3,250,723 $15,303,351
========== ========== ========== ===========
</TABLE>
See accompanying notes to financial statements.
<PAGE> 6
F&M EMPLOYEES' RETIREMENT AND SAVINGS PLAN AND TRUST
STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS
December 31, 1995
<TABLE>
<CAPTION>
Smith Barney Corporate
----------------------------------
Flexible
GIC Defensive Growth
Income Balanced Balanced
Fund Fund Fund
----------- ----------- -----------
<S> <C> <C> <C>
Assets
Cash $ 1,850 $ -0- $ -0-
Contributions receivable:
Employer 130,210 108,053 145,003
Employee 3,318 3,598 5,248
Investments 2,540,758 1,696,850 2,922,848
Interest and dividends receivable 268 -0- -0-
----------- ----------- -----------
Total assets 2,676,404 1,808,501 3,073,099
----------- ----------- -----------
Liabilities
Benefit claims payable 12,617 -0- -0-
----------- ----------- -----------
Net assets available for benefits $ 2,663,787 $ 1,808,501 $ 3,073,099
=========== =========== ===========
</TABLE>
<PAGE> 7
Trust Company
- -------------
<TABLE>
<CAPTION>
Small-Cap International Employer
Equity Equity Stock
Fund Fund Account Total
---------- ------------- ---------- -----------
<S> <C> <C> <C>
$ -0- $ -0- $ -0- $ 1,850
76,773 78,754 196,252 735,045
3,289 2,886 -0- 18,339
1,392,707 1,191,972 1,193,309 10,938,444
-0- -0- 26 294
---------- ------------- ---------- -----------
1,472,769 1,273,612 1,389,587 11,693,972
---------- ------------- ---------- -----------
-0- -0- -0- 12,617
---------- ------------- ---------- -----------
$1,472,769 $1,273,612 $1,389,587 $11,681,355
========== ============= ========== ===========
</TABLE>
See accompanying notes to financial statements.
<PAGE> 8
F&M EMPLOYEES' RETIREMENT AND SAVINGS PLAN AND TRUST
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
Year Ended December 31, 1996
<TABLE>
<CAPTION>
Smith Barney Corporate
-----------------------------------
Flexible
GIC Defensive Growth
Income Balanced Balanced
Fund Fund Fund
----------- ----------- -----------
<S> <C> <C> <C>
Additions:
Contributions:
Employer $ 143,032 $ 109,984 $ 164,178
Employee 89,442 101,558 159,456
Rollover 9,837 22,862 42,665
Interest and dividends 6,460 -0- -0-
Net appreciation in fair value of
investments 100,518 262,410 502,069
Transfers from other funds -0- 204,693 258,147
Transfers from mergers of plans 1,275,915 10,150 13,678
----------- ----------- -----------
Total additions 1,625,204 711,657 1,140,193
----------- ----------- -----------
Deductions:
Employee benefits and withdrawals 237,846 118,625 203,683
Trustee fees 6,043 16,254 27,508
Transfers to other funds 966,072 59,160 290,181
----------- ----------- -----------
Total deductions 1,209,961 194,039 521,372
----------- ----------- -----------
Net additions (deductions) 415,243 517,618 618,821
Net assets available for benefits
at beginning 2,663,787 1,808,501 3,073,099
----------- ----------- -----------
Net assets available for benefits at end $ 3,079,030 $ 2,326,119 $ 3,691,920
=========== =========== ===========
</TABLE>
<PAGE> 9
Trust Company
- -------------
<TABLE>
<CAPTION>
Small-Cap International Employer
Equity Equity Stock
Fund Fund Account Total
--------- -------------- ---------- ----------
<S> <C> <C> <C>
$ 106,615 $ 59,154 $ 318,386 $ 901,349
112,708 58,917 58,922 581,003
25,944 9,169 19,284 129,761
-0- -0- 52,551 59,011
222,390 79,386 352,599 1,519,372
145,541 12,600 1,181,851 1,802,832
12,040 2,591 -0- 1,314,374
---------- ------------- ---------- -----------
625,238 221,817 1,983,593 6,307,702
---------- ------------- ---------- -----------
99,309 53,168 91,898 804,529
13,600 9,144 5,796 78,345
115,329 347,327 24,763 1,802,832
---------- ------------- ---------- -----------
228,238 409,639 122,457 2,685,706
---------- ------------- ---------- -----------
397,000 (187,822) 1,861,136 3,621,996
1,472,769 1,273,612 1,389,587 11,681,355
---------- ------------- ---------- -----------
$1,869,769 $1,085,790 $3,250,723 $15,303,351
========== ============= ========== ===========
</TABLE>
See accompanying notes to financial statements.
<PAGE> 10
F&M EMPLOYEES' RETIREMENT AND SAVINGS PLAN AND TRUST
STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
Year Ended December 31, 1995
<TABLE>
<CAPTION>
Smith Barney Corporate
------------------------------------
Flexible
GIC Defensive Growth
Income Balanced Balanced
Fund Fund Fund
------------ ----------- -----------
<S> <C> <C> <C>
Additions:
Contributions:
Employer $ 130,210 $ 108,053 $ 145,003
Employee 92,343 89,771 144,155
Rollover 642 979 3,953
Interest and dividends 912 787 400
Net appreciation in fair value of
investments 178,343 295,748 536,258
Transfers from other funds 3,195,496 441,334 497,955
Transfers from mergers of plans 992,684 23,851 47,647
----------- ----------- -----------
Total additions 4,590,630 960,523 1,375,371
----------- ----------- -----------
Deductions:
Employee benefits and withdrawals 1,387,582 76,657 35,915
Trustee fees 9,361 10,408 16,529
Transfers to other funds 1,516,504 3,199,397 449,719
----------- ----------- -----------
Total deductions 2,913,447 3,286,462 502,163
----------- ----------- -----------
Net additions (deductions) 1,677,183 (2,325,939) 873,208
Net assets available for benefits at
beginning 986,604 4,134,440 2,199,891
----------- ----------- -----------
Net assets available for benefits at end $ 2,663,787 $ 1,808,501 $ 3,073,099
</TABLE> =========== =========== ===========
<PAGE> 11
Trust Company
- -------------
<TABLE>
<CAPTION>
Small-Cap International Employer First
Equity Equity Stock Bank N.A.
Fund Fund Account Funds Total
----------- ----------- ----------- ----------- ------------
<S> <C> <C> <C> <C>
$ 76,773 $ 78,754 $ 196,252 $ -0- $ 735,045
85,263 81,331 -0- -0- 492,863
4,414 2,444 -0- -0- 12,432
5 6 29,420 -0- 31,530
245,156 70,704 183,028 -0- 1,509,237
1,029,057 1,087,926 -0- -0- 6,251,768
16,305 20,388 649,111 -0- 1,749,986
----------- ----------- ----------- ----------- ------------
1,456,973 1,341,553 1,057,811 -0- 10,782,861
----------- ----------- ----------- ----------- ------------
7,138 33,511 27,892 -0- 1,568,695
6,605 6,234 3,608 -0- 52,745
15,461 68,196 649,111 353,380 6,251,768
----------- ----------- ----------- ----------- ------------
29,204 107,941 680,611 353,380 7,873,208
----------- ----------- ----------- ----------- ------------
1,427,769 1,233,612 377,200 (353,380) 2,909,653
45,000 40,000 1,012,387 353,380 8,771,702
----------- ----------- ----------- ----------- ------------
$ 1,472,769 $ 1,273,612 $ 1,389,587 $ -0- $ 11,681,355
=========== =========== =========== ============ ============
</TABLE>
See accompanying notes to financial statements.
<PAGE> 12
F&M EMPLOYEES' RETIREMENT AND SAVINGS PLAN AND TRUST
NOTES TO FINANCIAL STATEMENTS
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Method of Accounting
The financial records of F&M Employees' Retirement and Savings Plan and Trust
(the "Plan") are maintained on the accrual basis of accounting in accordance
with generally accepted accounting principles.
Investment Valuation
Investments are stated at fair value. Common stocks including F&M
Bancorporation, Inc. common stock and government obligations are valued at the
last reported bid price. Mutual funds are carried at current value which
represents the quoted market values of the underlying investments. Guaranteed
interest contracts are stated at contract value which represents contributions,
plus interest, less administrative expenses. Short-term securities are carried
at cost which approximates fair value. For investments in securities which do
not have an established market, the trustees of the Plan establish a fair
value.
Unrealized appreciation or depreciation is reflected for the year in the
statement of changes in net assets available for benefits. Gains or losses on
security transactions are recorded as the difference between proceeds received
and the carrying value of the investments. Interest income is recognized on
the accrual method, and dividend income is recorded on the ex-dividend date.
Use of Estimates in Preparation of Financial Statements
The preparation of financial statements in conformity with generally accepted
accounting principles requires the plan administrator to make estimates and
assumptions that affect certain reported amounts and disclosures. Accordingly,
actual results may differ from those estimates.
NOTE 2 - PLAN DESCRIPTION
The following description of F&M Employees' Retirement and Savings Plan and
Trust provides only general information. Participants should refer to the Plan
Agreement for a more complete description of the Plan's provisions.
General
The Plan is a defined contribution plan covering substantially all full-time
employees of F&M Bancorporation, Inc. and its various subsidiaries who have
completed 1,000 hours within the plan year. The Plan is subject to the
provisions of the Employee Retirement Income Security Act of 1974. The Plan is
administered at the direction of a committee consisting of three individuals
appointed by the Board of Directors of F&M Bancorporation, Inc.
<PAGE> 13
F&M EMPLOYEES' RETIREMENT AND SAVINGS PLAN AND TRUST
NOTES TO FINANCIAL STATEMENTS
NOTE 2 - PLAN DESCRIPTION (CONTINUED)
Employer Contribution
The employer's annual contribution is discretionary and is determined by the
Board of Directors of F&M Bancorporation, Inc.
Employee Contributions
Participants may elect to have a portion of their annual compensation
contributed on their behalf. Amounts contributed are deducted from gross wages
for each payroll period and deposited with the trustees.
Employer Matching
The employer makes a discretionary matching contribution based on employee
salary deferral contributions up to the first 6% of employee compensation.
Participant Accounts
Each participant's account is credited with the contributions which are defined
above, plan earnings (allocated based on adjusted beginning of year account
balances), and forfeitures of terminated participants' nonvested accounts.
Participants may borrow from their fund accounts a minimum of $1,000 to a
maximum equal to the lesser of $50,000 or 50% of their vested account balance.
Loan terms range from one to five years. The loans are secured by the balance
in the participant's account and bear interest at a rate commensurate with
similar length loans made by the trustees. Principal and interest are paid
ratably. Whenever possible, repayment will be through monthly payroll
deductions.
The Plan allows participants to select their investment options from one or
more of the following six funds:
Smith Barney Corporate Trust Company Funds:
GIC Income Fund - Invested primarily in contracts (including guaranteed
investment contracts [GICs], alternative synthetic GIC contracts, bank
investment contracts [BICs]) issued by high-quality companies and banks, and
in cash equivalents.
Defensive Balanced Fund - Invested primarily in long-term bonds, cash
equivalents, and equity investments.
<PAGE> 14
F&M EMPLOYEES' RETIREMENT AND SAVINGS PLAN AND TRUST
NOTES TO FINANCIAL STATEMENTS
NOTE 2 - PLAN DESCRIPTION (CONTINUED)
Flexible Growth Balanced Fund - Invested primarily in a diversified portfolio
of growth stocks, bonds with varying maturities up to 30 years, and cash
equivalents.
Small-Cap Equity Fund - Invested primarily in growth stocks of companies of
varying size and in cash equivalents.
International Equity Fund - Invested primarily in a diversified portfolio of
international equities as evidenced by American Depository Receipts (ADRs).
ADRs trade as U.S. share equivalents backed by specific shares of the
underlying foreign security.
Employer Stock Account:
Contributions to the employer stock account are used to purchase F&M
Bancorporation, Inc. common stock. This account also carries some balances
in interest-bearing mutual funds. Beginning in 1996, participants have the
option of investing their contributions and the employer's discretionary
contributions in the employer stock account. All matching contributions
continue to be invested in this account.
Vesting
The employer discretionary contribution portion of each participant's account
balance becomes 100% vested after five years of credited service. The
employees' salary deferral contribution and the employer matching contribution
portion of each participant's account balance is 100% vested immediately.
Plan Benefits
Plan benefits are available at normal retirement (age 63), deferred retirement,
early withdrawal, disability retirement, death, or termination of employment
with vested interests.
Participants may elect to receive benefit payments in the form of a lump-sum
distribution or in installments.
Plan Expenses
Investment advisory fees charged by the trustees are paid out of plan assets.
Administrative expenses and fidelity insurance premiums are paid by F&M
Bancorporation, Inc., the Plan's sponsor.
<PAGE> 15
F&M EMPLOYEES' RETIREMENT AND SAVINGS PLAN AND TRUST
NOTES TO FINANCIAL STATEMENTS
NOTE 2 - PLAN DESCRIPTION (CONTINUED)
Plan Termination
The employer intends to continue the Plan indefinitely; however, the employer
reserves the right to terminate the Plan at any time. In the event of
termination, all amounts credited to participants' accounts will be distributed
to participants in accordance with the Plan's provisions.
NOTE 3 - INVESTMENTS
A summary of investments at December 31 follows:
<TABLE>
<CAPTION>
Investments at Fair Value as
Determined by Quoted Market Price 1996 1995
- --------------------------------- ---- ----
<S> <C> <C>
Common stock $ 2,911,692 $ 1,184,950
Insurance contracts 126,253 120,251
Mutual funds 11,335,374 9,631,243
----------- -----------
Totals $14,373,319 $10,936,444
----------- -----------
Investments at Cost
Which Approximate Fair Value
- ----------------------------
Participant loans $ 6,939 $ 2,000
----------- -----------
Total investments $14,380,258 $10,938,444
=========== ===========
</TABLE>
During 1996 and 1995, the Plan's investments (including investments bought or
sold during the year as well as those held at year-end) appreciated $1,519,372
and $1,509,237, respectively, as follows:
Net Appreciation in Fair Value
------------------------------
<TABLE>
<CAPTION>
Investments at Fair Value as
Determined by Quoted Market Price 1996 1995
- --------------------------------- ---- ----
<S> <C> <C>
Common stock $ 352,599 $ 183,028
Mutual funds 1,166,773 1,326,209
----------- -----------
Net appreciation $ 1,519,372 $ 1,509,237
=========== ===========
</TABLE>
<PAGE> 16
F&M EMPLOYEES' RETIREMENT AND SAVINGS PLAN AND TRUST
NOTES TO FINANCIAL STATEMENTS
NOTE 3 - INVESTMENTS (CONTINUED)
The following is a schedule of investments as of December 31, 1996 and 1995,
that individually represent 5% or more of the Plan's net assets:
<TABLE>
<CAPTION>
1996 1995
----------------------- ----------------------
Asset Percent of Asset Percent of
Fair Value Net Assets Fair Value Net Assets
----------- ---------- ----------- ----------
<S> <C> <C> <C> <C>
Smith Barney Corporate
Trust Company:
GIC Income Fund $1,563,932 10.2 $ 1,603,558 13.7
Defensive Balance Fund 2,211,586 14.4 1,696,450 14.5
Flexible Growth Balanced Fund 3,520,537 23.0 2,922,448 25.0
Small-Cap Equity Fund 1,758,599 11.5 1,392,707 11.9
International Equity Fund 1,023,808 6.7 1,191,572 10.2
Reserve Deposit Account 1,256,912 8.2 824,508 7.1
F&M Bancorporation, Inc.
Common Stock 2,911,692 19.0 1,184,950 10.1
</TABLE>
The Reserve Deposit Account represents funds allocated to specific investment
categories which have not yet been used to purchase mutual fund shares.
NOTE 4 - TRANSACTIONS WITH PARTIES-IN-INTEREST
F&M Bancorporation, Inc. and its subsidiaries serve as sponsors of the Plan.
The Plan had the following transactions with these parties-in-interest:
1996
----
- Purchased 48,500 shares of F&M Bancorporation, Inc. common stock valued
at $1,444,237 with employee and employer contributions.
- Received 6,195 shares of F&M Bancorporation, Inc. as a stock dividend.
- Recognized divided income totaling $48,776 from F&M Bancorporation, Inc.
common stock.
1995
----
- Purchased 5,100 shares of F&M Bancorporation, Inc. common stock valued at
$113,238 for the matching contribution.
- Recognized dividend income totaling $26,687 from F&M Bancorporation, Inc.
common stock.
<PAGE> 17
F&M EMPLOYEES' RETIREMENT AND SAVINGS PLAN AND TRUST
NOTES TO FINANCIAL STATEMENTS
NOTE 5 - RECONCILIATION TO FORM 5500
For 1996 and 1995, there are account classification differences between these
accompanying financial statements and Items 31 and 32 of Form 5500, which were
prepared by the trustees. These financial statements balance in total with the
Form 5500.
NOTE 6 - TAX-EXEMPT STATUS OF THE PLAN
On March 6, 1995, the Internal Revenue Service declared that the Plan is
qualified pursuant to Section 401 of the Internal Revenue Code. Plan
management believes any amendments and events since the effective date of the
last Internal Revenue Service determination letter do not affect the qualified
status of the Plan. Accordingly, the Plan is exempt from federal and state
income taxes under current provisions of their respective laws.
<PAGE> 18
S U P P L E M E N T A L S C H E D U L E S
<PAGE> 19
F&M EMPLOYEES' RETIREMENT AND SAVINGS PLAN AND TRUST
Plan's EIN #39-1365327 Plan #002
SCHEDULE 1 - ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES
December 31, 1996
<TABLE>
<CAPTION>
Identity of Issue, Borrower, Description of Investment Including Maturity Date,
Lessor, or Similar Party Rate of Interest, Collateral, Par or Maturity Value
- ------------------------------------ ---------------------------------------------------
<S> <C>
Smith Barney Corporate Trust Company 119,324 units - GIC Income Fund
Smith Barney Corporate Trust Company 59,170 units - Defensive Balanced Fund
Smith Barney Corporate Trust Company 58,069 units - Flexible Growth Balanced Fund
Smith Barney Corporate Trust Company 20,583 units - Small-Cap Equity Fund
Smith Barney Corporate Trust Company 91,825 units - International Equity Fund
Smith Barney Corporate Trust Company 1,256,912 units - Reserve Deposit Account
F&M Bancorporation, Inc. 97,872 shares - Common Stock
Travelers Insurance Company 126,253 units - Annuity Contract
Participant loans
</TABLE>
<PAGE> 20
F&M EMPLOYEES' RETIREMENT AND SAVINGS PLAN AND TRUST
Plan's EIN #39-1365327 Plan #002
SCHEDULE 2 - ITEM 27d - SCHEDULE OF REPORTABLE (5%) TRANSACTIONS
Year Ended December 31, 1996
<TABLE>
<CAPTION>
Identity of Purchase
Party Involved Description of Asset Price
- ---------------------- ------------------------------ ----------
<S> <C> <C>
Smith Barney Corporate
Trust Company 85,773 units - GIC Income Fund $1,065,850
Smith Barney Corporate
Trust Company 96,245 units - GIC Income Fund N/A
Smith Barney Corporate
Trust Company 11,005 units - Flexible Growth Balanced Fund 595,943
Smith Barney Corporate
Trust Company 2,751,135 units - Reserve Deposit Account 2,751,135
Smith Barney Corporate
Trust Company 2,316,877 units - Reserve Deposit Account N/A
F&M Bancorporation,
Inc. 48,500 shares - Common Stock 1,444,237
</TABLE>
<PAGE> 21
<TABLE>
<CAPTION>
Cost Current Value
----------- -------------
<S> <C>
$1,433,274 $ 1,563,932
1,709,678 2,211,586
2,601,895 3,520,537
1,342,813 1,758,599
913,474 1,023,808
1,256,912 1,256,912
2,148,410 2,911,692
126,253 126,253
6,939 6,939
----------- -----------
$11,539,648 $14,380,258
=========== ===========
</TABLE>
See Independent Auditor's Report.
<PAGE> 22
<TABLE>
<CAPTION>
Expense Current Value
Incurred of Asset on
Selling Lease With Cost Transaction
Price Rental Transaction of Asset Date Net Gain
--------- ------ ----------- ---------- ------------- --------
<S> <C> <C> <C> <C> <C>
$N/A $N/A $-0- $1,065,850 $1,065,850 $N/A
1,205,992 N/A -0- 1,148,468 1,205,992 57,524
N/A N/A -0- 595,943 595,943 N/A
N/A N/A -0- 2,751,135 2,751,135 N/A
2,318,731 N/A -0- 2,318,731 2,318,731 -0-
N/A N/A 285 1,444,237 1,444,237 N/A
</TABLE>
See Independent Auditor's Report.
<PAGE> 23
[WIPFLI ULLRICH BERTELSON LLP LETTERHEAD]
Exhibit A
CONSENT OF WIPFLI ULLRICH BERTELSON LLP
We consent to incorporation by reference in F&M Bancorporation Inc.'s
Registration Statement on Form S-8 (Registration Statement No. 333-01937) of
our reports dated June 10, 1997, related to the consolidated financial
statements of the F&M Employees' Retirement and Savings Plan and Trust (the
"Plan") as of December 31, 1996 and 1995, and the related supplemental
schedules, which reports appear in the December 31, 1996, Annual Report on Form
11-K of the Plan.
/s/Wipfli Ullrich Bertelson LLP
-------------------------------
Wipfli Ullrich Bertelson LLP
Appleton, Wisconsin
June 23, 1997
<PAGE> 24
SIGNATURES
The Plan. Pursuant to the requirements of the Securities Exchange Act of
1934, the trustees (or other persons who administer the employee benefit plan)
have duly caused this annual report to be signed on its behalf by the
undersigned hereunto duly authorized.
F&M BANCORPORATION, INC.
RETIREMENT AND SAVINGS PLAN
Date: June 23, 1997 /s/ Daniel E. Voet
------------------
Daniel E. Voet
Plan Administrative Committee Member
